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  Ups and Downs in Finance, Ups without Downs in Inequality

Godechot, O., Neumann, N., Apascaritei, P., Boza, I., Hallsten, M., Henriksen, L., Hermansen, A., Hou, F., Jung, J., Kodama, N., Křížková, A., Lippényi, Z., Elvira, M. M., Melzer, S. M., Mun, E., Sabanci, H., Soener, M., & Thaning, M. (2023). Ups and Downs in Finance, Ups without Downs in Inequality. Socio-Economic Review, 21(3), 1601-1627. doi:10.1093/ser/mwac036.

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アイテムのパーマリンク: https://hdl.handle.net/21.11116/0000-000D-90F6-A 版のパーマリンク: https://hdl.handle.net/21.11116/0000-000D-FA09-0
資料種別: 学術論文

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SER_21_2023_Godechot.pdf (全文テキスト(全般)), 979KB
ファイルのパーマリンク:
https://hdl.handle.net/21.11116/0000-000D-90F8-8
ファイル名:
SER_21_2023_Godechot.pdf
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Full text open access
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Green
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公開
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application/pdf / [MD5]
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-
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作成者

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 作成者:
Godechot, Olivier1, 2, 3, 著者                 
Neumann, Nils3, 著者
Apascaritei, Paula, 著者
Boza, István4, 著者
Hallsten, Martin5, 著者
Henriksen, Lasse6, 著者
Hermansen, Are7, 8, 著者
Hou, Feng9, 著者
Jung, Jiwook10, 著者
Kodama, Naomi11, 著者
Křížková, Alena12, 著者
Lippényi, Zoltán13, 著者
Elvira, Marta M.14, 著者
Melzer, Silvia Maja15, 著者
Mun, Eunmi10, 著者
Sabanci, Halil16, 著者
Soener, Matthew17, 著者
Thaning, Max5, 著者
所属:
1Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo), MPI for the Study of Societies, Max Planck Society, ou_1631137              
2Assoziierte Wissenschaftlerinnen und Wissenschaftler, MPI for the Study of Societies, Max Planck Society, ou_2074316              
3Sciences Po, Paris, France, ou_persistent22              
4Centre for Economic and Regional Studies, Budapest, Hungary, ou_persistent22              
5Department of Sociology, Stockholm University, Sweden, ou_persistent22              
6Department of Organization, Copenhagen Business School, Denmark, ou_persistent22              
7Department of Sociology and Human Geography, University of Oslo, Norway, ou_persistent22              
8Swedish Institute for Social Research, Stockholm University, Sweden, ou_persistent22              
9Statistics Canada, Ottawa, Canada, ou_persistent22              
10School of Labor and Employment Relations, University of Illinois, Urbana-Champaign, USA, ou_persistent22              
11Faculty of Economics, Meijigakuin University, Tokyo, Japan, ou_persistent22              
12Institute of Sociology, Czech Academy of Sciences, Prague, Czech Republic, ou_persistent22              
13Department of Sociology, University of Groningen, The Netherlands, ou_persistent22              
14Departments of Strategic Management and Managing People in Organizations, IESE Business School, University of Navarra, Pamplona, Spain, ou_persistent22              
15Department of Political & Social Sciences, University Pompeu Fabra, Barcelona, Spain, ou_persistent22              
16Management Department, Frankfurt School of Finance and Management, Germany, ou_persistent22              
17Department of Sociology, University of Illinois, Urbana-Champaign, USA, ou_persistent22              

内容説明

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キーワード: inequality, finance, financial crisis, regulation
 要旨: The upswing in finance in recent decades has led to rising inequality, but do downswings in finance lead to a symmetric decline in inequality? We analyze the asymmetry of the effect of ups and downs in finance, and the effect of increased capital requirements and the bonus cap on national earnings inequality. We use administrative employer–employee-linked data from 1990 to 2019 for 12 countries and data from bank reports, from 2009 to 2017 in 13 European countries. We find a strong asymmetry in the effect of upswings and downswings in finance on earnings inequality, a weak, if any, mitigating effect of capital requirements on finance’s contribution to inequality, and a restructuring but no absolute effect of the bonus cap on financiers’ earnings. We suggest that while rising financiers’ wages increase inequality in upswings, they are resilient in downswings and thus downswings do not contribute to a symmetric decline in inequality.

資料詳細

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言語: eng - English
 日付: 2022-07-152023
 出版の状態: 出版
 ページ: -
 出版情報: -
 目次: 1. Introduction
2. A synopsis of the finance-inequality nexus
3. Data
4. The contribution of financiers’ earnings to inequality and its asymmetry in upswings and downswings
5. Finance, regulation and inequality
6. Conclusion
Supplementary material
Footnotes
Acknowledgments
Funding
References
 査読: -
 識別子(DOI, ISBNなど): DOI: 10.1093/ser/mwac036
 学位: -

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出版物 1

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出版物名: Socio-Economic Review
種別: 学術雑誌
 著者・編者:
所属:
出版社, 出版地: -
ページ: - 巻号: 21 (3) 通巻号: - 開始・終了ページ: 1601 - 1627 識別子(ISBN, ISSN, DOIなど): ISSN: 1475-1461
ISSN: 1475-147X